The UAE has earned the distinction of being the world's second most economically stable country, as per a recent study, owing to a combination of factors including entrepreneurial opportunities, easy access to capital, the presence of a skilled labor force, adaptability, competitiveness, and robust international trade, among others.
According to the US News & World Reports, the UAE also boasts a per capita gross domestic product (GDP) on par with top Western European nations and holds the title of the most competitive economy in the Arab world.
The UAE's total GDP stands at $508 billion (Dh1.86 trillion), with a per capita income of $87,729. As the second-largest economy in the Gulf Cooperation Council (GCC), the UAE has set ambitious targets, aiming to achieve Dh3 trillion by 2030. This goal is to be accomplished through new economic diversification strategies, support for emerging economic sectors, adoption of Fourth Industrial Revolution technologies, expansion of research capabilities, and the encouragement of foreign direct investments.
Official figures reveal that in 2022, the UAE's GDP at constant prices reached Dh1.62 trillion, reflecting a substantial growth of 7.9 percent. At current prices, the economy surpassed Dh1.86 trillion in 2022, a remarkable increase of over Dh337 billion compared to 2021, indicating a growth rate of 22.1 percent.
Furthermore, the UAE is home to some of the world's largest sovereign wealth funds, including the Abu Dhabi Investment Authority, Mubadala, Investment Corporation of Dubai, Dubai World, ADQ, and others. These funds collectively hold trillions of dirhams in assets, providing a substantial buffer against economic volatility worldwide.
According to the US News & World Reports, the ranking of the most economically stable countries is led by Switzerland, with the UAE securing the second position, followed by Canada, Germany, Japan, Sweden, Australia, Netherlands, Norway, and Denmark.
Source By Khaleejtimes